Study Finds 16 States Where $1 Million May Be Needed for Retirement

16 states identified where you'll need at least $1 million in savings to fund 25 years of retirement, based on annual expenses. The top 5 are Colorado, Arizona, New Jersey, Maine, and Rhode Island.

The $1 million retirement savings benchmark has become popular recently, but financial advisors say it's just an arbitrary number and not necessarily realistic or helpful for most people.

Actual retirement savings needs vary greatly depending on individual circumstances like pensions, social security, home ownership, spending habits, and health.

25 years of retirement is a reasonable estimate for planning purposes if retiring after 60, but timeline varies based on early retirement desires or longevity.

While the popular retirement states of Florida and South Carolina fall below the $1 million threshold, 10 cities were identified where over $1 million is deemed necessary to retire.